Welcome to Barmy’s Daily Crypto News – November 30th, 2022
1. Opensea Integrates BNB Chain
On November 29, 2022, Opensea announced that the marketplace will now support the BNB blockchain, enabling users to buy and list BNB-based non-fungible token (NFT) assets.
The Ethereum, Solana, Klaytn, Arbitrum, Optimism, Avalanche, and Polygon networks are already supported by Opensea. The BNB Chain will be deployed on Opensea’s Seaport Protocol in Q4 2022, providing multiple creator rewards, real-time payouts, collection management, and other benefits for BNB Chain creators, according to the news given to Bitcoin.com News on Tuesday.
Opensea is excited to expand the variety of blockchains available to consumers of the NFT marketplace. Reaching even more users and producers on the chains they prefer will be made easier by this update.
Compared to the majority of blockchains that support smart contracts, BNB has a sizable number of daily active users. According to data from Cryptoslam.io, NFT sales from the BNB chain were the sixth greatest in the previous seven days.
2. Dominica has launched a digital identity program and national token in partnership with Huobi
Exchanging cryptocurrencies Huobi and the Commonwealth of Dominica have joined to launch a digital identification and national token service that aims to give the West Indian island nation’s residents digital citizenship.
In order to advance its development and draw expertise from the bitcoin and blockchain ecosystem, they want to investigate metaverse and Web3 technology.
One of the first Caribbean nations to implement a citizenship-by-investment program is the island nation. More than 130 nations worldwide, including mainland China, Hong Kong, the European Union, Switzerland, the United Kingdom, and Singapore, accept Dominica passports as valid travel documents.
The government of Dominica will work with Huobi to issue Dominica Coin (DMC) and digital identity cards (DID), with DMC holders expected to receive digital citizenship in the nation. DMC and DID will operate on the TRON network, be distributed by Huobi Prime, and be used as login credentials for a future metaverse platform situated in Dominica.
3. Coinbase said the wallet will no longer support BCH, XRP, ETC and XLM
The wallet will no longer handle Bitcoin Cash, XRP, Ethereum Classic, Stellar Lumen, and their related networks, according to a Nov. 29 announcement on Coinbase’s help sites. The crypto company justified its choice by pointing to “poor usage” of the four tokens.
Your possessions won’t be lost as a result of this. Your address(es) and your unsupported assets will still be linked, and your Coinbase Wallet recovery phrase will still be used to access them.
Not the exchange itself, but Coinbase’s program, Coinbase Wallet, is specifically mentioned in the release as delisting the tokens. In reaction to the Securities and Exchange Commission of the United States suing Ripple in a case that is currently pending, the company previously suspended trading for XRP in January 2021. What caused its wallet app to stop supporting BCH, XLM, and ETC is unknown.
4. BlockFi has about $355M in cryptocurrencies currently frozen on crypto exchange FTX
According to lawyer Joshua Sussberg, BlockFi, a cryptocurrency lender, now has around $355 million in cryptocurrencies frozen on the cryptocurrency market FTX. The $355 million is in addition to a $671 million loan to Alameda Research, a sister company of FTX. Alameda has also fallen behind on the debt.
The lender had been depending on a $400 million line of credit from the cryptocurrency exchange FTX, which had itself filed for bankruptcy earlier this month after concerns about its own viability arose when a CoinDesk story revealed Alameda possessed a significant quantity of FTX’s exchange token, FTT.
The lender has more than 100,000 creditors and $257 million in available cash, part of which was made by selling off cryptocurrency assets. According to Sussberg, a partner at the law firm Kirkland & Ellis, BlockFi does hope to allow clients holding their own assets in the BlockFi Wallet product to withdraw their monies.
BlockFi’s attorneys underlined that while BlockFi and FTX both sought bankruptcy protection during the market slump, there are no other connections between the two companies.
5. Spanish Securities Regulator (CNMV) Warns About Crypto-Related Investments
One of the top three cryptocurrency exchanges globally, FTX, just went out of business, according to the Spanish securities regulator, the CNMV.
Martinez Parera also cautioned investors against starting this kind of investing adventure and said they should proceed with utmost caution when considering any opportunity related to cryptocurrencies given the fact that this ecosystem currently lacks regulation and oversight. Additionally, she urged interested parties to hold off on making any investment decisions in crypto assets until MiCA, the cryptocurrency framework now being negotiated in Europe, is adopted.
Martinez Parera also attacked platforms for portraying their financial investment services as if they were games in their advertising, particularly in the bitcoin sector.
This has been the organization’s main priority this year after celebrities like national soccer player Andres Iniesta were censured by the regulatory authority for promoting a cryptocurrency exchange to his followers. Influencers with more than 100,000 followers are prohibited from starting a crypto-related advertising campaign without notifying the group ten days before it begins per the crypto promotion laws that the CNMV adopted in January.
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